Identify which of the following statements is true.
A) When the acquiring corporation makes the Sec. 338 election, the target corporation is treated in many respects as a new corporation.
B) A Sec. 338 election requires the adoption of the old target corporation's tax year by the new target corporation.
C) Tax attributes of the target corporation are not lost when a Sec. 338 deemed liquidation election is made.
D) All of the above are false.
A) When the acquiring corporation makes the Sec. 338 election, the target corporation is treated in many respects as a new corporation.
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